Upon the approval and resolution by the City Council as a whole, a city development agency may be established for the purpose of promoting and assisting in the development of recreational, tourist, commercial and industrial facilities within the city, either directly by the city or through private means and organizations, in such ways and manner as would promote the best interests of and benefit the city, its residents and inhabitants. (Ord. 1-1979 § 1 (part), 1979.)